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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUDNZD
AUD/NZD sits ~2.5% above year to date lows seen in early April, the cross has recovered above the 20-Day EMA and has held above $1.08 which had presented as key resistance before a break of the level on Friday.
- Since printing cycle lows of -164bps in early April rate differentials, observed via 2 year swap rates, have narrowed and currently sit at -145bps.
- Bulls immediate focus is on the 200-Day EMA ($1.0871), resistance was observed here yesterday. A break through here opens $1.0970, 76.4% Fibonacci retracement of the Feb-Apr bear leg, and $1.1088 the 2023 high.
- Bears first target a break of the 20-Day EMA at $1.0766.
- Q1 CPI from New Zealand which is on the wires early tomorrow presents as the next risk event. The Bloomberg Survey Median Estimate looks for a 6.9% Y/Y print maringally easing from 7.2% observed in Q4 2022.
Fig 1: AUD/NZD Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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